An Indian cloud kitchen incubator, Ghost Kitchens has acquired Speak Burgers, a gourmet cloud kitchen start-up owned by celebrity chef Vicky Ratnani, for an undisclosed sum.

Ghost Kitchens’ mission and vision are to build a portfolio of upscale food delivery brands that compete with Swiggy and Zomato. Ratnani will join Ghost Kitchens as co-founder and chief culinary officer as part of the agreement.

The company will launch three new brands with Ratnani in the mass premium and cloud kitchen categories.

The partnership will help Ghost Kitchens to scale its offerings and add an additional 400 fulfillment partners over the next three years.

According to CEO and creator Karan Tanna, the purchase will enable Ghost Kitchens to address holes in the market for premium brands. With fulfillment partner programs, Speak Burgers wants to grow to over 200 locations within the next three years.

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Wakka Wakka, Biryani Hazir Ho, Momo Man, Starboy Pizza and Shakes, and Maa Ki Khichdi are just a few of the restaurants in Ghost Kitchens’ portfolio. Ghost Kitchens had a Rs 60 crore yearly GMV run rate as of the end of December 2022. By the end of 2024, the startup hopes to have an annual run rate of Rs 500 crore and expand its offerings to more than 4,000 online restaurants. Through two funding rounds, investors including Yuj Ventures, Dholakia Ventures, and Salarpuria Family Office contributed a total of $1.2 million to Ghost Kitchens.

Several well-known companies, including Rebel Foods, FreshMenu, Box8, and Faasos, are present in the Indian cloud kitchen sector. The domestic cloud kitchen industry, according to a report, had a value of $400 million at the end of 2019 and is expected to reach $2 billion by 2024.